Fairmont Shopping Center

5120 Fairmont Parkway Pasadena, TX 77505

FOR SALE
Property Type:
Street Retail
Amount:
$16,191,000
Last Verified:
Mar 14, 2019


Description

Marcus & Millichap is pleased to present an opportunity to acquire a fully stabilized, multi-tenant power center in the desirable Houston suburb of Pasadena, Texas. Anchored by JCPenney, Fairmont Shopping Center is currently 100 percent occupied, with 97 percent of the gross leasable area having national or regional credit tenants. Tenants include Ashley Furniture, Guitar Center, Bright Now! Dental, Starbucks, Boost Mobile, Mattress 1 One, Check Into Cash, PCP Pharmacy, Gulf Coast Regional Blood Center, and Fairmont Nails and Spa. All leases are triple net, and most have renewal options remaining. The building is newer 2006 construction, with the majority of the leases in place since the center opened. Situated on 13.38 acres, the center has ample parking on a concrete lot.

Shadow anchored by Walmart, Fairmont Shopping Center is located in the southwestern quadrant of the Fairmont Parkway and Sam Houston Tollway intersection. Traffic counts are approximately 52,800 vehicles per day on Fairmont Parkway and 85,000 vehicles per day on Sam Houston Tollway. The subject property is well-positioned in a dense retail corridor consisting of numerous national and local tenants, including Walmart, Lowe’s, The Home Depot, Pep Boys, Chuck E. Cheese’s, Dirt Cheap, Dollar Tree, Walgreens, Kohl’s, Target, Conn’s Home Plus, Office Depot, Buffalo Wild Wings, Panera Bread, H-E-B Grocery, Best Buy, Michaels, Five Below, Marshalls, PetSmart, Massage Envy, Ross Dress for Less, Old Navy, Chili’s, Burlington, Academy Sports and Outdoors, Party City, and many others.

Ellington Field Joint Reserve Base is approximately five miles south of the property, a joint installation shared by various active component and reserve component military units, as well as aircraft flight operations of the National Aeronautics and Space Administration (NASA) under the aegis of the nearby Johnson Space Center. Ellington now has the rare distinction of having all five military branches of the U.S. Department of Defense – Army, Navy and Marine Reserve units, Army and Air National Guard – in addition to the Coast Guard under the Department of Homeland Security, and NASA operations – on one base.


Year Built: 2006
Building Size: 165351.0sq ft
Lot Size: 13.38 acres

Map of 5120 Fairmont Parkway, Pasadena, TX, 77505

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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